Pen Needles Market Top Companies Study - Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany).

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Pen Needles Market- (By Type (Standard Pen Needles, Safety Pen Needles), By Length (4 mm, 5 mm, 6 mm, 8 mm, 10 mm, 12 mm), By Mode of Purchase (Retail, Non-retail), By Therapy (Insulin, Glucagon-Like Peptide-1, Growth Hormone, Other therapies)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Pen Needles Market is valued at US$ 1.37 Bn in 2022, and it is expected to reach US$ 3.43 Bn by 2031, with a CAGR of 10.8% during a forecast period of 2023-2031.

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Pen needles are designed for use with a pen injector device for subcutaneous insulin infusion. They are often used by diabetics who require many daily insulin injections. The rise in diabetes prevalence, the surge in demand for self-administration of injectable medications, the availability of a wide range of pen needles to satisfy unique patient demands, and increased emphasis on home healthcare and self-care are all driving the market growth. Furthermore, the advantages of pen needles over traditional syringes, as well as the increased awareness and adoption of injector pens, increase demand for pen needles and contribute to the expansion of the pen needles market size.

Furthermore, technological advancements in pen needle manufacturing and safety features, increased investments by key players in the development of advanced pen needles such as BD Nano 2nd Gen Pen Needles for less painful injections, and the availability of pen needles through numerous distribution channels like drug stores, online providers, and hospital pharmacies are all contributing to the market's growth.

List of Prominent Players in the Pen Needles Market:
• Becton, Dickinson, and Company (US),
• Novo Nordisk A/S (Denmark),
• Ypsomed Holding AG (Switzerland),
• B. Braun Melsungen AG (Germany),
• Owen Mumford (UK),
• Terumo Corporation (Japan),
• Nipro Corporation (Japan)
• Allison Medical (US),
• AdvaCare Pharma (US),
• Berpu Medical Technology (China),
• ARKRAY (Japan),
• GlucoRx (UK),
• HTL-STREFA (Poland),
• UltiMed, (US),
• Hindustan Syringes and Medical Devices (India),
• Artsana Group (Italy),
• PromiseMed Diabetes Care (Canada),
• Montmed (Canada),
• Trividia Health (US),
• VOGT Medical Vertrieb (Germany),
• Van Heek Medical (Netherlands),
• Simple Diagnostics (US),
• Lyon (Turkey),
• Links Medical Products (US),
• MHC Medical Products (US)

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Market Dynamics:
Drivers-
The spread of chronic diseases has risen dramatically in recent years. Diabetes, cardiovascular disease (CVD), & multiple sclerosis, for example, necessitate daily or weekly drug administration, generally by pen injectors. Pen injectors have now become the new standard for injectable medicine delivery devices in the fast-developing market. Because of their simplicity, dependability, and capacity to be administered directly by the patient without the assistance of a physician, their popularity has skyrocketed. The pen needle, a detachable attachment, is an essential component of the pen injector. The length and sharpness of the needle are crucial in ensuring that the drug reaches the target tissues. As a result of the increasing frequency of chronic diseases, a greater emphasis has been placed on pen needle technologies to effectively manage the rising patient pool and promote patient compliance with therapies.

Challenges:
While pen needles are a simple and convenient method of drug administration, they are also connected with needlestick injuries and infections, hyperglycemia, and discomfort. Insulin pen therapy has been shown to produce hyperglycemia in some patients since the dose cannot be controlled. As a result, there has been a change in diabetes treatment in Europe from insulin pens to insulin pumps due to their capacity to execute automated insulin suspension and decrease the risk of hypoglycemia. This is a significant impediment to market growth. Although needle-free drug delivery methods have solved this issue to some extent, their therapeutic applications are restricted.

Regional Trends:
Over the forecast period, Asia Pacific is expected to grow at an excellent rate. The APAC pen needles market is being driven by rising demand for pen needles over syringes and vials, as well as an increase in elderly populations. China is another promising market in the Asia Pacific region. The rising number of diabetes patients in this region is primarily driving market growth in China. As per the Guidelines for the Prevention and Treatment of Diabetes in China (2020 Edition), the total prevalence of diabetes among adults is currently 11.2%, and the number of persons with diabetes is expected to be 141 Bn, with a 51.7% undiagnosed ratio.

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Recent Developments:
• In February 2023, Montmed, Inc. announced, the United States Patent and Trademark Office has issued a second US Patent 11,517,659, expanding the company's novel technology patent family that aims to help insulin users develop and implement healthy injection site rotation practices easily and seamlessly.
• In May 2022, Owen Mumford Ltd. revealed its next-generation safety pen needle will join Unifine SafeControl to enhance its diabetic care products. The first safety pen needle, Unifine SafeControl, protects healthcare professionals from needlestick accidents and ensures the full medication dose is given.
• In Jan 2019, Becton Dickinson (BD) introduced the Ergonomic Pen Needle Technology with the aim of enhancing the efficiency of injection techniques. The BD Nano(TM) second generation pen needle has obtained 510(k) clearance from the U.S. Food and Drug Administration.

Segmentation of Pen Needles Market-
By Type-
• Standard Pen Needles
• Safety Pen Needles
By Length-
• 4 mm Pen Needle
• 5 mm Pen Needle
• 6 mm Pen Needle
• 8 mm Pen Needle
• 10 mm Pen Needle
• 12 mm Pen Needle
By Mode of Purchase-
• Retail
• Non-retail
By Therapy-
• Insulin
• Glucagon-Like Peptide-1
• Growth Hormone
• Other therapies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.